Libya, OPEC Remarks Spark Crude Oil Rally

Crude oil was sharply higher in an abnormally volatile session at the New York Mercantile Exchange, fueled by a weaker U.S. dollar and longside-friendly statements coming from Libya and OPEC.

Texas light sweet crude for August delivery was last seen trading $3.16 higher at $137.71 a barrel, and Brent crude was gaining $3.12 at $137.45 a barrel.

Reformulated gasoline was 8 cents ahead at $3.47 a gallon, heating oil was adding 11 cents at $3.86 a gallon and natural gas was sliding 6 cents to $12.70 per million British thermal units. ...